USD/CAD Channel Presents Scalping Opportunity

The Canadian dollar continues to find support on strong domestic fundamentals and an increase in broader optimism. The USD/CAD has closed lower for eight straight days and is looking to end that streak today. However, we have seen daily volatility condense which has created an ideal scalping opportunity. The pair continues to trade along a descending support trend line which is limiting downside risks and providing a target level for traders.

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USD/CAD Channel Presents Scalping Opportunity

From DailyFX:

The Canadian dollar continues to find support on strong domestic fundamentals and an increase in broader optimism. The USD/CAD has closed lower for eight straight days and is looking to end that streak today. However, we have seen daily volatility condense which has created an ideal scalping opportunity. The pair continues to trade along a descending support trend line which is limiting downside risks and providing a target level for traders.

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USD/CAD Channel Presents Scalping Opportunity

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USD/CAD Channel Convergence Creates Range Opportunity

Canadian dollar support was already strong following the better than expected GDP report and speculation that the BoC would look to raise rates in the second half of the year. Policy makers are committed to remain on hold until June but have seen their flexibility diminish as inflation has begun to rise.

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USD/CAD Channel Convergence Creates Range Opportunity

This is from DailyFX:

Canadian dollar support was already strong following the better than expected GDP report and speculation that the BoC would look to raise rates in the second half of the year. Policy makers are committed to remain on hold until June but have seen their flexibility diminish as inflation has begun to rise.

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USD/CAD Channel Convergence Creates Range Opportunity

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Canadian Dollar Continues to Outperform, New Zealand Dollar Poised to Push Lower

The Canadian dollar remains the best performing currency against the greenback on Thursday following the four-day rally, while the New Zealand extended the decline from earlier this week and continued to underperform amongst the major currencies.

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Canadian Dollar Continues to Outperform, New Zealand Dollar Poised to Push Lower

From DailyFX:

The Canadian dollar remains the best performing currency against the greenback on Thursday following the four-day rally, while the New Zealand extended the decline from earlier this week and continued to underperform amongst the major currencies.

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Canadian Dollar Continues to Outperform, New Zealand Dollar Poised to Push Lower

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Canadian Dollar Strong; but Still above January Low

 The USDCAD has broken below 10365, which negates the bullish bias (at least for now).  A bullish outcome is possible with price above the January low but confidence is low.  

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Canadian Dollar Strong; but Still above January Low

From DailyFX:

 The USDCAD has broken below 10365, which negates the bullish bias (at least for now).  A bullish outcome is possible with price above the January low but confidence is low.  

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Canadian Dollar Strong; but Still above January Low

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Canadian Dollar Extends Advance, New Zealand Dollar Bucks Trend

The Canadian dollar extended the rally from Monday and remains the best performing currency against the greenback, while the New Zealand pared the previous day’s advance and slipped back below the 200-Day SMA (0.6950) to reach a low of 0.6924.

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Canadian Dollar Extends Advance, New Zealand Dollar Bucks Trend

This is from DailyFX:

The Canadian dollar extended the rally from Monday and remains the best performing currency against the greenback, while the New Zealand pared the previous day’s advance and slipped back below the 200-Day SMA (0.6950) to reach a low of 0.6924.

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Canadian Dollar Extends Advance, New Zealand Dollar Bucks Trend

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Canadian Dollar Support May Be Fleeting As Rising Inventories Threaten Oil Prices

A return of risk appetite helped end the Canadian dollar’s two day losing streak to the greenback as Fed Chairman Bernanke signaled that U.S. interest rates will remain on hold for an extended period. A drop in US consumer confidence had sunk demand for risky assets yesterday which sent the USD/CAD higher.

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Canadian Dollar Support May Be Fleeting As Rising Inventories Threaten Oil Prices

This is from DailyFX:

A return of risk appetite helped end the Canadian dollar’s two day losing streak to the greenback as Fed Chairman Bernanke signaled that U.S. interest rates will remain on hold for an extended period. A drop in US consumer confidence had sunk demand for risky assets yesterday which sent the USD/CAD higher.

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Canadian Dollar Support May Be Fleeting As Rising Inventories Threaten Oil Prices

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US Dollar / Canadian Dollar Rally Confirms that Low is in Place 02-24

The structure of the USDCAD rally and the move above 10530 indicate with a high degree of confidence that an important low is in place at Sunday night’s low.

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US Dollar / Canadian Dollar Rally Confirms that Low is in Place 02-24

This is from DailyFX:

The structure of the USDCAD rally and the move above 10530 indicate with a high degree of confidence that an important low is in place at Sunday night’s low.

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Canadian Dollar and Oil are Vulnerable 02-23

Having held its low from yesterday, the USDCAD rally has accelerated as crude oil has taken a hit.  A move above 10543 (in USDCAD) would inspire confidence in bulls.  

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Canadian Dollar and Oil are Vulnerable 02-23

From DailyFX:

Having held its low from yesterday, the USDCAD rally has accelerated as crude oil has taken a hit.  A move above 10543 (in USDCAD) would inspire confidence in bulls.  

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Canadian Dollar and Oil are Vulnerable 02-23

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Solid S/R Levels Makes USD/CAD Scalping Target

The Canadian dollar has found support on a surge in risk appetite due to speculation that Greece will receive help with their budget issues. Rumors aren’t enough to generate a sustainable rally which may limit further downside potential for the USD/CAD with solid support below. A failure to break above Fibo resistance slowed the longer-term bullish rally and has generated a period of consolidation which favors scalping strategies.

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Solid S/R Levels Makes USD/CAD Scalping Target

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The Canadian dollar has found support on a surge in risk appetite due to speculation that Greece will receive help with their budget issues. Rumors aren’t enough to generate a sustainable rally which may limit further downside potential for the USD/CAD with solid support below. A failure to break above Fibo resistance slowed the longer-term bullish rally and has generated a period of consolidation which favors scalping strategies.

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Canadian Dollar Outperforms, New Zealand Dollar Extends Decline

The Canadian dollar continued to strengthen against the greenback and is the best performing currency on Monday, while the New Zealand dollar extended the decline from the previous week and slipped below the 200-Day SMA (0.6870) to reach a low of 0.6857.

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Canadian Dollar Outperforms, New Zealand Dollar Extends Decline

Here’s an interesting a:1:{i:0;s:8:”TXpVMg==”;} post from DailyFX:

The Canadian dollar continued to strengthen against the greenback and is the best performing currency on Monday, while the New Zealand dollar extended the decline from the previous week and slipped below the 200-Day SMA (0.6870) to reach a low of 0.6857.

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Canadian Dollar Outperforms, New Zealand Dollar Extends Decline

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